Globex and Osisko Drilling Again at Wood-Pandora and Central-Cadillac

ROUYN-NORANDA, QUEBEC--(Marketwired - Feb. 24, 2014) -GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to announce the impending start-up of an additional deep drilling program on the Wood-Pandora and Central-Cadillac property located in Cadillac Township, Quebec in joint venture with Osisko Mining Corporation.

Phase one of the exploration will start shortly and will consist of a drill program of 4 holes totalling approximately 2,570 metres. The objective is to follow up on gold intersections and significant structures encountered in previous drill programs in 2012 and 2013. A summary of some of the most significant 2013 drill results is given below.

Property

DDH

From (m)

To (m)

Core
Length
(m)

Au (g/t)

Central Cadillac

CC-13-001

including

177.56
435.67
463.50
483.00
484.50

180.50
437.23
465.00
490.56
489.00

2.94
1.56
1.50
7.56
4.50

3.53
9.74
3.37
3.76
5.88

Central Cadillac

CC-13-002

202.56

204.00

1.44

3.03

Central Cadillac

CC-13-003

673.50

676.50

3.00

4.38

Central Cadillac

CC-13-004
including

328.55
337.60

338.30
338.30

9.75
0.70

3.84
47.94

Central Cadillac

CC-13-005

75.15

75.90

0.75

22.90

Central Cadillac

CC-13-006

including
including

335.00
342.00
363.35
363.35
370.00

336.50
343.00
374.00
365.50
372.50

1.50
1.00
10.65
2.15
2.50

13.78
5.78
4.84
17.23
5.18

Central Cadillac

CC-13-008

415.17
461.00
629.00
880.70

416.50
463.00
630.50
881.50

1.33
2.00
1.50
0.80

4.15
6.45
3.70
7.61

Pandora-Wood

W13-101

356.10
390.23

357.11
394.50

1.01
4.27

5.31
6.40

Pandora-Wood

W13-103

610.10

612.00

1.90

29.14

Pandora-Wood

W13-105B

593.78

597.50

3.72

2.03

Pandora-Wood

W13-106

573.00
575.05
587.68

575.75
575.75
588.33

2.75
0.70
0.65

15.59
60.11
158.54

Pandora-Wood

W13-107
including
including

408.70
408.70
416.50

420.50
412.00
420.50

11.80
3.30
4.00

15.10
47.80
5.00

Pandora-Wood

W13-108

408.80
414.15
445.08

409.30
415.50
445.58

0.50
1.35
0.50

9.81
6.10
4.05

True widths vary from roughly 50% to 80% of core length depending upon the core angle.

In addition, a comprehensive program of surface sampling will be undertaken this summer in order to explore for potential areas of wide, low grade gold mineralization. Staff will analyse shallow historical drill data along the main mine horizon to identify areas of near surface potential.

All samples were delivered to Expert Laboratories Inc., located at 127 Boulevard Industriel, Rouyn- Noranda, Québec. The laboratory conducted all aspects of the sample preparation. Samples were dried and crushed to pass a -100 mesh screen. A 300-gram subsample was taken for pulverization to a nominal -200 mesh with the remaining crushed rejects being retained.

Gold Assaying

A 29.166-gram sub-sample of this pulp (1 assay-ton) was taken and was fused following the standard procedures used in a fire assay method. The gold content of all samples was determined using Atomic Absorption Spectroscopy (Method Code: Au FA-GEO, lower detection limit 5 ppb). Any samples found to contain greater than 1 g/t Au were subjected to a re-assay, whereby the gold content was determined using a gravimetric fire assay method.

Globex is the project manager.

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.